Economy
Indian economy is at an inflection point
Growth has bottomed out and better exports and a pickup in investment should drive a recovery from 2015 onwards, says Nomura in a research note
 
Nomura sees the election outcome as further strengthening the view that India is at an inflection point. Growth has bottomed out and better exports and a pickup in investment should drive a recovery from 2015 onwards. These are the observations made by Nomura in its research note in the post-election scenario.
 
Nomura is revising up the FY16 (year ending March 2016) real GDP growth forecast from 5.7% year-on-year earlier to 6.5%, from 5.0% in FY15. Faster decision making and reforms, along with prudent monetary policy should gradually correct India's macroeconomic imbalances. Economic fundamentals change slowly, but as they do, they should feed off each other and unleash other positive indirect effects on the economy. 
 
Hence, India appears at the cusp of a revival of the multi-year growth cycle from 2015 onwards, forecasts Nomura.
 
According to Nomura, the pace of economic reforms is likely to pick up. In the immediate to short term, the government could announce a single-window clearance mechanism for investment projects, timebound environmental clearance, restructuring of exiting ministries and a focus on improving centre-state relations. In the medium term, Nomura expects reforms to focus on infrastructure development, boosting agriculture productivity, fiscal consolidation aided by tax reforms and urbanisation.
 
On equity, Nomura believes that a strong government will help mitigate bureaucratic risk aversion, reversing policy paralysis, in addition to jumpstarting the weak investment cycle. Nomura raises its December 2014-end Sensex target to 27,200 from 24,700, offering a potential of about 10% from current levels. Short-term catalysts for the market will be: 1) cabinet formation; 2) the budget; and 3) potential policy announcements.
 
On FX, Nomura believes that NDA's (National Democratic Alliance) landslide win has strengthened medium-term rupee appreciation prospects and recommend scaling into a medium-term long rupee position. Nomura forecasts USDINR to reach 57.0 by end-2014 and 55.5 by end-2015 as beyond the strong mandate for the new government, domestic growth momentum should continue. 
 
On rates, Nomura believes the election results are a medium-term positive for India rates. Nomura maintains remains bullish on bonds.

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Why do Priyanka, Khurshid, Pilot, Singhvi, Karti Chidambaram have multiple DINs?
According to NitiCentral, several Congress leaders like Priyanka Gandhi Vadra, Salman Khurshid, Sachin Pilot, Abhishek Manu Singhvi, Capt Amrinder Singh and Karti Chidambaram have multiple director identification numbers, an offence under the Companies Act
 
They say, "All are equal, but some are more equal than others", which applies to politicians. According to a report from NitiCentral.com, several Congress leaders like Priyanka Gandhi Vadra, Minister for External Affairs Salman Khurshid, Minister for Corporate Affairs Sachin Pilot as well as party spokesperson Abhishek Manu Singhvi, Capt Amrinder Singh, former chief minister of Punjab, Motilal Vora and Karti Chidambaram, were found holding multiple director identification numbers (DINs).
 
Here is the list of political leader holding multiple DINs...
1. Priyanka Vadra – 01038703, 01840144 and 0291439
2. Salman Khurshid – 02006329 and 02707104
3. Sachin Pilot – 01492084 and 01720862
4. Abhishek Manu Singhvi – 00919369, 01282249, 01602963 and 01432612
5. Amarinder Singh – 01892589 and 01892590
6. Karti Chidambaram – 01648557, 00952694, 01632067, 01204813, 01341858 and 01648562
7. Nalini Chidambaram  – 01732369 and 02770705
8. Motilal Vora  – 00494585, 00494926, 00589006 and 00628348
9. Kanimozhi Karunanidhi – 01993765, 01994948 and 01520307
10. Dayanidhi Maran – 00548131 and 02353970

Source: NitiCentral.com 
 
What is shocking in this matter is both Khurshid and Pilot were in-charge of the ministries that were supposed to keep an eye on issuance of multiple DINs and bring the offenders to the book. 
 
Priyanka, the daughter of Congress president Sonia Gandhi was found holding three DINs (01038703, 01840144 and 0291439), a punishable offence, but was let off by the Ministry of Corporate Affairs (MCA) by paying a fine. Her mother-in-law Mauree Vadra was also found holding two DINs, 01840680 and 01839769, says the report from NitiCentral.com.
 
For the similar offence, according to the Companies Act, there is a punishment of imprisonment of six months and a fine of Rs50,000. 
 
The MCA, replying to a petition filed by Bharatiya Janata Party (BJP) leader Dr Subramanian Swamy, said, “As regards multiple DIN applications filed by Priyanka Gandhi Vadra, while the matter was under examination, Mrs Vadra through a letter admitted having made multiple DIN applications. Mrs Vadra has also stated that this happened due to mistakes which were unintentional. Since default under Sec 266C is compoundable under Sec 621A of the Companies Act 1956, Mrs Vadra has submitted applications for compounding of the said defaults under Sect 621A of the Companies Act, 1956 to the Registrar of Companies (RoC) concerned."
 
In a letter sent to Dr Swamy on 16th May, MCA secretary Naveed Masood, said, in case of multiple DIN applications submitted by Karti (Chidambaram), it is observed that the case prima facie attracted provisions of Section 266A of the Companies Act. The regional director of MCA has asked Karti to explain, within 15 days, the multiple DIN applications filed by him.
 
In a statement, Dr Swamy said, "the commission of offence under Company law regarding multiple DIN has been committed by a very large number of people in the Congress. I have compiled a list of these persons and will be filing criminal case against all of them."

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COMMENTS

Thiruvengadam

2 years ago

An information : Prior to changes in IT, the Chettinad people will sign in 2 types. One with 4 to 5 letters of their ancestors for HUF a/c and with that of father for individual a/c.

Thiruvengadam

2 years ago

An information : In earlier days, the Chettinadu people will be maintaining 2 IT accounts one member of HUF & another one in individual name. They will sign documents with heriditory more than 4 letter initials and for individual with father name only

rs

3 years ago

But for Dr.Swamy, these would not have come to the light. The right thing is to impose the punishment as such, as these are the so called high profile persons.

Vivek

3 years ago

Irrespective of any Top Politician of any Political party, The Punishment should be same. They all should be given Maximum monetary and imprisonment for such contravention.

Mr. Prime Minister .. R u Listening ?????

Shamrao Vinekar

3 years ago

Prosecute all these offenders and give them 6 months' imprisonment and fine of Rs.50000/- as per prevailing law.But this has to be done fast so that they cannot get away with this.

Prof Rajagopalan

3 years ago

Alice in wonderland

Congress President Sonia Gandhi tendering her resignation to herself being the President, making all pre-arrangements with her henchmen to request her to continue in the post by withdrawing her resignation is viewed as something unheard of in the history of the world. Are we to take Sonia Gandhi as simple and foolish as "Alice in wonderland" and flinging her cap over the windmill taking India as the looking glass house or playing too clever a game with 120 crores of people in the country making it a nation of political eunuchs ? Certainly she has proved wrong! There is a limit to any type of tom foolery!

gian prakash dodeja

3 years ago

hope the BJP government will take action under the law and give examply punish ments so that no body will do thiagain

Nilay Popat

3 years ago

I think the website should first check the validity of information. From all the DINs mentioned above against each names, only one per name is shown as APPROVED on the MCA website. I think you people must first verify the records before alleging anything.

ganapathy mani

3 years ago

It is not possible to get multiple DIN with out connivance of the officials. This requires multiple PAN, residential address and names to get it. Their photos need to be verified , how come same photos are undetected in the system.
Multiple DIN is needed to hide income and do illegal activities.
all companies involved in these nos., need to be checked.
g.m

MOHAN

3 years ago

Is Hawala operator linked to 10 Janpath coterie?

http://www.newsbharati.com/Encyc/2014/4/...#.U3q23_mSyxU

13 questions on Robert Vadra by BJP that Priyanka Gandhi has still not answered

http://www.dnaindia.com/india/report-13-...

Nagesh Kini

3 years ago

With the sophistication IT applications all multiple PAN, Election,UAID, DINs, Exim and all others holding more more than one should be cancelled forthwith. the maximum penalty has to be collected - to prove that the new govt. firmly believes in good governance.

UGC reiterates IIPM cannot award MBAs
This year also the University Grants Commission has issued a circular informing public at large and students that Indian Institute of Planning and Management -IIPM- is not a a recognised university and cannot award MBA/BBA degrees
 
The University Grants Commission (UGC) has toughened its position on Indian Institute of Planning and Management (IIPM) saying that the Arindam Chaudhuri-led institute is not a recognised university. 
 
"As per Section 22 of the UGC Act, 1956, the IIPM does not have the right to conferrring or granting degrees as specified by the UGC under Section 22 (3). It is further clarified for information that IIPM is neither entitled to award MBA/BBA. BCA degree nor it is recognised by UGC," the Commission said in an advertisement dated 18 May 2014.
 
Every year, UGC, the country's apex higher education regulator, warns students about IIPM and its unrecognised status. 
 
However, interestingly, IIPM on its website claims that it has never applied to any body. Responding to question about recognition by AICTE/UGC, the IIPM, its FAQ section says, "IIPM has never sought recognition from any statutory bodies and is proud of its world class course contents. Students bothered about statutory recognition of IIPMs programmes need not apply to IIPM."
 
The Arindam Chaudhuri-led institute also clarifies that it does offer MBA/BBA degrees. "The value of the IIPM certificate lies in the excellent Course content and also placements that IIPM students get year after year and in the no. of students who put their faith in the IIPM programme every year. However students who do the IIPM programme in Planning and Entrepreneurship become eligible for a Post Graduate Degree in Management (comparable to MBA) / Graduate Degree in Management (comparable to BBA) from the International Management Institute in Brussels, Europe," IIPM says on its website. 

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